Home Knowledge Information Update: Corporate Governance Code for Irish Funds and Management Companies

Information Update: Corporate Governance Code for Irish Funds and Management Companies

August 19, 2011

On 16 June 2011 a William Fry ezine was circulated, which outlined details of a draft voluntary corporate governance code for Irish funds and management companies (the “Code”). At the time the ezine was issued, the Irish Funds Industry Association (“IFIA”) had circulated the latest draft of the Code to industry for feedback.

The IFIA have now provided an update on the status of the draft Code. As a result of a significant amount of feedback in relation to the Code and following discussion of this feedback with the Central Bank, a number of the issues raised are now being considered by the Central Bank’s Policy Committee (the “Committee”). A response from the Committee is anticipated shortly, followed by publication of the finalised Code.

Up to now it had been expected that the Code would become effective from 1 September 2011. In light, however, of the additional time required for consideration of feedback from industry, the Code will not now become effective until January 2012 (although it remains envisaged that a transition period of 12 months will apply).

We will keep you updated of progress in this regard.

For further information, please contact our Partners listed or your usual contact in our Asset Management and Investment Funds Team.